Dow soars 1,100 points after Trump team and China dramatically lower tariffs
CNN
US stocks surged on Monday after President Donald Trump’s top trade officials brokered a surprisingly dramatic de-escalation in trade tensions with China over the weekend, dropping tariffs to much lower levels, which some economists say could stave off a US recession.
US stocks surged on Monday after President Donald Trump’s top trade officials brokered a surprisingly dramatic de-escalation in trade tensions with China over the weekend, dropping tariffs to much lower levels, which some economists say could stave off a US recession. The Dow closed higher by 1,161 points, or 2.81%. The broader S&P 500 gained 3.26%, and the tech-heavy Nasdaq Composite surged 4.35%. The three major indexes each posted their biggest single-day gains in over one month. “The sharp market rally today reflects the unexpectedly positive tariff news,” said Keith Lerner, chief market strategist at Truist Advisory Services, in a Monday note. “Many investors were not positioned for this outcome, leading to a significant market surge.” The Nasdaq, which had entered a bear market on April 4, closed up more than 20% from its lowest point this year — exiting its bear market and marking the start of a new bull market. (A rise of 20% from a recent low generally marks a bull market.) It’s been a swift recovery in recent weeks for the Nasdaq, though the index is still down about 3.1% this year. US stocks on Monday firmly erased all their losses since Trump’s April 2 “Liberation Day” trade announcement, which placed a 10% tariff on practically all goods coming into the United States and set significantly higher tariffs on dozens of countries. Trump paused most of those tariffs just days after they went into effect but jacked up import taxes on China — eventually to 145% on most Chinese imports.
After weighing a slightly lower unemployment rate with small increases in inflation in December, the Federal Reserve on Wednesday decided to leave its key overnight lending rate untouched. That decision follows the three cuts the Fed made last year, for a total of six cuts since September 2024.
Unless your name is Domino’s, it’s tough to be a pizza chain right now.
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Federal Reserve officials convene this week at a pivotal moment in the US central bank’s 112-year history, with a series of historic events putting a spotlight on their ability to set interest rates without political interference.
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For years, social media giants have argued against claims that their platforms harm young people’s mental health. Starting Tuesday, they will for the first time have to defend against those claims before a jury in a court of law.
Amazon is closing its branded brick-and-mortar grocery stores, with the company consolidating its strategy under the Whole Foods name.
Record-high car prices coupled with high interest rates are leading to huge monthly car payments for many Americans. A record share of Americans — more than 20% — agreed to pay more than $1,000 per month for a new car loan at the end of the year, according to car sales site Edmunds.
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The corporate cavalry isn’t coming.
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